119
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2012
business evolution prospects. If no abnormal circum-
stances occur the policy of previous years distribution
policy of 0,055€ per share will be maintained.
The dividend history for the past years is set out below:
YEAR
2009 2010 2011 2012(*)
Dividends per share
(euros)
0,055 0,055 0,055 0,055
Dividends
(000 euros)
990,00 990,00 990,00 990,00
Dividend Yield (%)
0.7‰ 0.7‰ 0.8‰ 1.4‰
Pay out ratio
8.0‰ 6.8‰ 16.2‰ 39.4‰
(*) proposal to be approved at the next General Meeting of Shareholders
III.10. A description of the main characteristics of
the share and stock option plans adopted or valid
for the financial year in question, the reason for
adopting the mentioned scheme and details of the
category and number of persons included in the
scheme, share-assignment conditions, non-transfer
of share clauses, criteria on share-pricing and the
exercising option price, the period during which the
options may be exercised, the characteristics of the
shares to be distributed, the existence of incentives
to purchase and/or exercise options, and the re-
sponsibilities of the Board of Directors for executing
and/or changing the plan.
Details shall also include the following:
a) The number of shares required for the share allot-
ment and the number of shares required for the
exercise of the exercisable options at the start
and end of the year in question;
b) The number of allotted, exercisable and extinct
shares during the year;
c) The general meetings’ appraisal of the plans
adopted or in force during the period in question.
No plans to attribute shares and stock acquisition op-
tions are in effect.
III.11. A description of the main business data and
transactions carried out between the company and
the members of the Management and Supervisory
Bodies, the owners of qualified holdings or par-
ent companies, affiliates or group companies in an
amount that is economically significant for any of
the parties involved, except for those businesses
or transactions that are cumulatively considered
within the bounds of normal market conditions for
similar transactions and are part of the company’s
current business.
There are no business dealings or operations that are
significant in economic terms for any of the intervening
parties.
III.12. Description of the key elements of business
and operations between the Company and holders
of qualifying holdings or entities with whom they
are in any relationship, in accordance with article
20 of the Securities Code outside of normal market
conditions.
There were no such businesses or operations.
III. 13 Description of the procedures and criteria for
intervention by the supervisory body for the pur-
pose of preliminary assessment of the business to
be held between the company and holders of quali-
fying holdings or entities with whom they are in any
relationship, in accordance with article 20 of the Se-
curities Code.
The Supervisory Board approved the criteria for its in-
tervention for the purpose of preliminary assessment of
the business to be held between the company and hold-
ers of qualifying holdings or entities with whom they are
related in terms of Clauses 20 of the Securities Code,
and set as a qualifying criteria a transaction value equal
